CoinMarketCap data shows Shiba INU (SHIB) price rallying, going from $0.0000133 to $0.0000123 in less than 24 hours.
In the last hours, around 35 million SHIB tokens have been exchanged, while the trading volume grew by 23%. The value of the SHIBs exchanged is equivalent to 434 million dollars, which may suggest an increase in investor interest.
Data to Consider
Data from CoinMarketCap shows a rebound in the price of Shiba INU (SHIB), going from $0.0000133 to $0.0000123 in less than 24 hours. Days ago, Ethereum whales bought more than 643 billion SHIB tokens, worth 8 million dollars.
Specifically, data from WhaleStats, Ethereum whales bought more than 8 million dollars’ worth of Shiba Inu, resulting in an astronomical figure of 643 billion SHIB tokens.
According to U Today, the increase in SHIB trading between September 6 and 7 is due to a further increase in investors in a particular project that “remains intact”, which could become a relevant metric of the meme cryptocurrency later in the year.
Meme coins, also called meme cryptocurrencies, stand out for appealing to humor and the formation of a community that is capable of growing and achieving notoriety, unlike other more complex projects such as Chainlink (LINK) or Polkadot (DOT).
IntoTheBlock had previously noted that 29% of SHIB holders decided to hold the token for more than a year, while 68% of holders only held the meme cryptocurrency for a year and 4% held SHIB for a month or even less.
Some Possible Explanations
The ups and downs of SHIB are explained by the arrival of new holders and investors, despite having dropped 86.39% from its historical maximum, since data from WhaleStats show that there are around 1,218,178 new buyers, which is explained by the arrival of thousands of people in recent weeks.
In late August, the popular meme cryptocurrency also gained 13%, reaching a high of $0.00001480, its highest value for the week, according to TradingView data.
At the time, the token, which was back in the spotlight after soaring more than 40% in early August, followed the crypto market and entered a sharp decline after this feat. But updates to its burning engine and ecosystem appear to have started a new uptrend.
It is worth remembering that Shiba Inu (SHIB) has made four attempts to break out of a descending resistance line. While all of them have been unsuccessful, price is preparing for yet another.
In addition, SHIB has been falling below a descending resistance line since December 24, a move that had led to a low of $0.00000714 on June 18. So far, the price has made four failed breakout attempts, the most recent on August 14
However, Shiba Inu (SHIB) has fallen from the ranking of cryptocurrencies by market capitalization, although it came to overtake Polygon (MATIC) and Dai (DAI), to rank 14th in the crypto market, according to data from CoinMarketCap.
Since the last week of August, the Shiba Inu’s capitalization has been on a downward movement and currently holds a market capitalization of $6.7 billion, down approximately $1.3 billion compared to the last 3 days.
By Audy Castaneda
